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Qualification Shares:
S.183(1) provides that it shall be the duty of every director who is by the articles of the company required to hold a specified qualification, and who is not already qualified, to obtain his qualification within two months after his appointment, or within the shorter time (if any) fixed by the articles.
Subsection (3) further provides that if the director fails to obtain his share qualification, or ceases to hold the required number of shares, he shall vacate his office. If he does not actually do so but continues to act as director he becomes a de facto director : Rv Ivan Arthur Camps (67).
2. S.186 : Age Limit
S.186 provides that no person shall be capable of being appointed a director of a public company or a private company which is a subsidiary of a public company if at the time of his appointment-
a) He has not attained the age of twenty-one; or
b) b) he has attained the age of seventy.
Some provisions of the Factories Act and its amendments are given below. 1. These provisions relate mainly to the health, safety and welfare of the workers in industry. 2.
MERGER ACCOUNTING: It may happen that, during a "take-over" of one company (A) by another company (B), shares in the latter company are issued to shareholders of the former co
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Substantive Law: Therefore this is concerned through the rules themselves as opposed to the procedure on how to affect them. So it defines the rights and duties of parties an
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